Hey, is it possible to control the exchange rate on outgoing invoices? If I invoice in dollars the app automatically gives me the exchange rate on the day of issue but it won’t let me adjust that.

Hey, is it possible to control the exchange rate on outgoing invoices? If I invoice in dollars the app automatically gives me the exchange rate on the day of issue but it won’t let me adjust that.

1 answer

Peter Connor Staff September 7, 2016
Public

Well unless you can control the Foreign Exchange markets the answer is no 🙁

#answer-3990
  1. creativecollective22 September 7, 2016
    Is there a particular exchange rate source that you have to take into consideration ?
  2. Peter Connor September 7, 2016
    I can't remember it offhand but the exchange rate is the exchange rate. It's only an indicator the real exchange rate is what the banks charges you on the day the money hits your bank account.
    We take the fx transaction and create a bill for the bank charge, work out if there was an FX gain or loss. If a gain then we run the tax on that. We then update all your management accounts. Automatically.
  3. creativecollective22 September 7, 2016
    Sorry, what's "fx transaction"?
  4. Peter Connor September 7, 2016
    Tell me exactly what you're doing.
    Either way you can't pick the exchange rate - the markets define the exchange rate.
  5. creativecollective22 September 7, 2016
    Sorry, I was misunderstanding what was going on and didn't explain it very well. It's OK now. I didn't realise you could enter the actual exchange rate when you add a payment for the invoice
  6. Peter Connor September 7, 2016
    that's the banks rate on the day.

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